Despite Criticism, El Salvador’s Bitcoin Portfolio Is About to Break Even

Facebook

Facebooktwitterredditpinterestlinkedinmailby feather

It’s been years since El Salvador shockingly announced that it’s legalizing Bitcoin as legal tender. What’s more, the country switched from fiat money to crypto and enraged everyone in the process. But, tech-savvy president Nayib Bukele wasn’t worried about the criticism – both local and international. He continued buying the dip whenever there was one, firmly believing that Bitcoin will lead the country forward.

In the meantime, he took matters into his own hands when it comes to crime in El Salvador. The country’s Bitcoin portfolio grew larger, with over 2,500 BTC in its wallets right now. After years of going up and down, El Salvador is finally going to break even, proving that the experiment truly worked.

Millions of Dollars in Profit

After Bitcoin surged to $43,000 on Tuesday, the country’s president revealed that El Salvador’s BTC portfolio has made a profit of $3.6 million. That doesn’t look like much, but keep in mind that the country can use those millions for capital projects in infrastructure, education, or something else. While the world is in a downward spiral financially, the small island country has managed to make profit this year. And it’s all thanks to Bitcoin.

It comes naturally when you think of it. Instead of getting loans with the worst possible rates from the IMF, Bukele stood his ground with Bitcoin. El Salvador is now mostly a crime-free country thanks to his efforts. The country’s citizens criticized his Bitcoin move, but after a couple of years, it paid off. And will continue to pay off as the country grows its portfolio. The stalled Bitcoin City project will surely be of interest to many investors. The volcano bonds are still for sale, and if El Salvador pulls that off, it will be a fantastic story.

More importantly, the country’s experiment serves as a prime example of how Bitcoin can function in today’s economy. It also shows that it’s a much better choice than traditional finance. The only side that makes profit out of traditional finance are banks and financial organizations. With crypto, there’s no middle-man involved, so a country can make a profit with smart investments.

Big Moves Ahead

El Salvador initially bought Bitcoin in September 2021. It amassed a total of $310 million worth of BTC. During all of this, the country faced harsh criticism from the international community. The IMF criticized the move too, suggesting that it will be El Salvador’s doom. Not only that didn’t happen, but years later, the country makes a huge profit.

Despite the volatile market, Bukele refuses to change his stance. He won’t sell to make profit – instead, he’s in it for the long run. El Salvador and Costa Rica too have turned into a global blueprint for how Bitcoin can help global finance. But, El Salvador did it first, and that’s why it’s such a big hit around the world.

With Bitcoin obviously headed to new heights, El Salvador will make further profit for sure. With a man like Bukele at its forefront, we’re sure it’ll continue to thrive in the future.

Author: John Jackson